Finbar Reports Record $334M Sales, Eyes $1.2B Pipeline Amid WA Housing Boom
Finbar Group Limited’s 2025 AGM confirmed strong shareholder support for key resolutions as the company reported record sales and unveiled a robust $1.2 billion development pipeline focused on mid-market apartments in Perth.
- Record $334 million sales to Q3 2025, highest in 30 years
- Shareholders approve remuneration report and director re-elections
- Strategic divestments refocus business on core apartment development
- $1.2 billion five-year pipeline targeting mid-market apartments in Perth
- Market outlook buoyed by strong migration and housing undersupply in WA
AGM Outcomes and Governance
Finbar Group Limited held its 2025 Annual General Meeting on October 15, securing shareholder approval for all key resolutions, including the adoption of the remuneration report and the re-election of directors Terence Peh and Eldon Wan. Notably, an ex-gratia payment to former executive Darren Pateman was approved with a significant but narrower margin, reflecting some shareholder scrutiny.
Operational Highlights and Financial Performance
The company reported a landmark $334 million in sales through the third quarter of 2025, marking its strongest performance in three decades. This surge was driven by a robust Perth housing market, with average unit prices soaring 32% above the 2018-2024 average to $911,000. Sales velocity also accelerated, with 251 lots sold in Q3 alone, averaging nearly three units per day.
Strategic Focus and Market Positioning
Finbar has strategically divested non-core businesses such as Finbar Sales and Finbar to Rent, sharpening its focus on apartment development. The company’s partnership with Hanssen Pty Ltd continues to deliver cost efficiencies and construction certainty, a critical advantage amid ongoing labor shortages and supply constraints in Western Australia’s apartment sector.
Development Pipeline and Market Outlook
Looking ahead, Finbar boasts a $1.2 billion development pipeline comprising approximately 1,500 apartments across prime Perth precincts. Projects like Garden Towers, Bel-Air Apartments, and Riverbank Residences are set for completion between 2025 and 2027, with new launches planned through 2029. The company’s mid-market focus aligns with Perth’s growing demand for affordable, transit-connected urban living, supported by strong migration and a tight rental market.
Sustainability and Shareholder Value
Finbar emphasizes sustainable design and innovation, aiming to enhance urban living standards while delivering consistent earnings and fully franked dividends. The company’s streamlined operations and strong balance sheet position it well to capitalize on Western Australia’s housing shortage and infrastructure investments exceeding $42 billion.
Bottom Line?
Finbar’s record sales and focused pipeline position it to capitalize on Perth’s housing demand, but execution risks and market shifts remain key watchpoints.
Questions in the middle?
- How will Finbar manage construction and labor constraints amid its ambitious pipeline?
- What impact will rising apartment prices have on demand sustainability in the mid-market segment?
- How might broader economic or policy changes in WA affect Finbar’s growth trajectory?